University of Cyprus joins the Erasmus+ Master Loan Guarantee Scheme

The European Investment Fund and the University of Cyprus have today signed an agreement, which will allow students from other countries to defer tuition fees and student accommodation rent payments. This new pilot scheme worth EUR 4 million and backed by the Erasmus+ Master Loan Guarantee Scheme is expected to benefit more than 240 Master students. Other favourable conditions include another two-year grace period to defer their tuition fees after the end of the studies and a minimum four-year repayment plan after that period. The University of Cyprus is the second university in Europe to launch this kind of initiative following the University of Luxembourg in 2017. The new agreement is the seventh to be signed under the guarantee scheme (the other five agreements were signed with financial institutions). Tibor Navracsics, Commissioner for Education, Culture, Youth and Sport, said: "This shows that the Erasmus+ guarantee facility is an interesting development opportunity for universities seeking to internationalise their educational offer. It is all the more welcome that the university can take advantage of a comprehensive funding offer of loans and guarantees, thanks to the combined efforts of the European Investment Bank and European Investment Fund. Incoming students will not only be able to benefit from affordable Master studies in Cyprus, but also from a brand new university library, to be built with the Bank's support.” The Erasmus+ Master Degree Loan Scheme has been running since June 2015, with seven institutions in six countries participating. EUR 160 million in student loans are currently available with Erasmus+ backed guarantees of EUR 26 million. Further information is available in the press release by the European Investment Fund and the University of Cyprus. More information on the Erasmus+ programme can be found here.